News stories from Monday May 25, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A drop in corporate profits is hurting the government's tax revenues. President Nixon has asked Congress for an increase of $18 billion in the national debt. Democrats attacked the administration's economic policies, and want wage and price controls instead. National Republican party chairman Rogers Morton says that the economy will improve by election time. [CBS]
- Home loan interest rates dropped slightly in April. [CBS]
- The Cambodian foreign minister wants the U.S. and South Vietnam to stay in his country until the end of the war, but the White House will refuse that request. American ground troops will leave Cambodia, though the U.S. may provide air and logistical support for the remaining South Vietnamese troops. [CBS]
- Deposed Cambodian Prince Norodom Sihanouk was refused aid by Hanoi. The Communists said that the Cambodians must liberate their own country. [CBS]
- Some Soviet military advisers were killed in Egypt today. Israel also bombed Suez positions and attacked Lebanon. [CBS]
- Education commissioner James Allen may be fired because of his disagreement with the administration regarding Cambodia. The White House denied that President Nixon has asked for Allen's resignation, and Allen vowed that he won't resign; 500 administration employees back Allen. Allen won't add to or retract from his Indochina statement. [CBS]
- President Nixon started a commission on campus disorders to investigate the incidents at Kent State University and Jackson State College. [CBS]
- The Supreme Court overturned a law forbidding actors in military uniform from discrediting the military. The court refused to hear a case on Philadelphia's anti-riot law. [CBS]
- An airliner was hijacked to Havana today, but many passengers were unaware of the action. The passengers were released at Kennedy International Airport and the reason was kept quiet. [CBS]
- An Air Force C-5A transport burned while on a runway. Another C-5A crash-landed due to a power failure. There were no injuries. [CBS]
- The draft director registered for the draft today. Selective Serivce head Curtis Tarr completed the board registration form and found it tedious. Tarr says that he wants the form to be changed. [CBS]
- The government is deploying MIRV missiles. In Minot, North Dakota, a MIRV was installed on the Minuteman III rocket; 1,000 such missiles are scattered around the country. The multiple nuclear warheads have not been fully tested, and Congress opposes the deployment. [CBS]
- A presidential commission reported that institutions for the retarded are like prisoner of war camps; many changes are needed. [CBS]
- Former Senator Daniel Brewster pleaded not guilty to a bribery charge regarding junk mail legislation. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 641.36 (-20.81, -3.14%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| May 22, 1970 | 662.17 | 72.25 | 12.17 |
| May 21, 1970 | 665.25 | 72.16 | 16.71 |
| May 20, 1970 | 676.55 | 73.52 | 13.02 |
| May 19, 1970 | 691.40 | 75.46 | 9.48 |
| May 18, 1970 | 702.81 | 76.96 | 8.28 |
| May 15, 1970 | 702.22 | 76.90 | 14.57 |
| May 14, 1970 | 684.79 | 75.44 | 13.92 |
| May 13, 1970 | 693.84 | 76.53 | 10.72 |
| May 12, 1970 | 704.59 | 77.85 | 10.85 |
| May 11, 1970 | 710.07 | 78.60 | 6.65 |